Table 4 Signaling effect of ESOPs on crash risk

ESOP_i,t-1 × DEPS_i,t

−0.002^b

− 0.002^c

(−2.28)

(−3.52)

ESOP _i,t-1 ×Punish _i,t

−0.008^b

−0.015^b

(−2.51)

(−1.98)

ESOP _i,t-1 ×Lawsuit _i,t

−0.005^c

−0.010^b

(−3.01)

(−2.27)

ESOP _i,t-1

−0.027^b

−0.04^b

− 0.027^b

−0.044^c

− 0.023^b

−0.035^b

(−2.13)

(− 2.57)

(− 2.17)

(−3.09)

(−2.01)

(− 2.05)

DEPS _i,t

0.002^a

0.002^a

(1.93)

(1.68)

Punish _i,t

0.059^b

0.019^b

(1.91)

(2.48)

Lawsuit _i,t

0.066^a

0.040^c

(1.82)

(3.48)

Dturn _i,t-1

0.011

0.008

0.008

0.007

0.008

0.007

(1.47)

(1.51)

(1.09)

(1.22)

(1.11)

(1.23)

Hret _i,t-1

0.725^c

0.54^c

0.723^c

0.527^c

0.724^c

0.527^c

(11.85)

(11.21)

(12.21)

(11.21)

(12.24)

(11.21)

Sigma _i,t-1

−3.676^a

−1.761

−2.902

−1.239

−3.092

− 1.343

(−1.70)

(− 1.10)

(− 1.38)

(−0.79)

(− 1.47)

(− 0.86)

MB _i,t-1

0.023^c

0.011^b

0.016^c

0.009^c

0.016^c

0.009^c

(3.67)

(2.42)

(3.69)

(2.90)

(3.74)

(2.93)

Size _i,t-1

−0.004

− 0.023^a

− 0.012

− 0.024^b

− 0.012

− 0.023^a

(− 0.26)

(−1.83)

(− 0.75)

(− 1.97)

(− 0.75)

(− 1.96)

Lev _i,t-1

0.158^a

0.061

0.118

0.039

0.114

0.036

(1.91)

(0.99)

(1.50)

(0.68)

(1.46)

(0.62)

ROA _i,t-1

−0.033^c

− 0.034^c

− 0.028^c

− 0.031^c

−0.027^c

− 0.03^c

(−5.04)

(−6.96)

(−4.40)

(−6.49)

(−4.27)

(−6.38)

DA _i,t-1

−0.127

−0.085

− 0.158

− 0.113

− 0.163

−0.116

(−1.16)

(−1.05)

(− 1.49)

(− 1.44)

(− 1.53)

(− 1.48)

NCSKEW _i,t-1

0.093^c

0.09^c

0.09^c

(5.95)

(5.88)

(5.87)

DUVOL _i,t-1

0.105^c

0.103^c

0.103^c

(6.21)

(6.22)

(6.20)

Intercept

0.164

0.626^b

0.304

0.615^b

0.296

0.606^b

(0.41)

(2.09)

(0.80)

(2.18)

(0.78)

(2.15)

Fix_ind

Yes

Yes

Yes

Yes

Yes

Yes

Fix_time

Yes

Yes

Yes

Yes

Yes

Yes

Adj-R ²

0.1492

0.1771

0.1503

0.1768

0.1509

0.1773

No. of obs.

4634

4634

4832

4832

4832

4832